[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) Presents unaudited consolidated financial statements, management's discussion, market risk, and internal controls [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents unaudited consolidated financial statements, showing increased net loss and decreased assets for Q1 2021 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $681.8 million, driven by lower cash, while liabilities and equity also declined Condensed Consolidated Balance Sheets (in thousands) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $346,068 | $588,373 | | Marketable securities | $305,203 | $100,158 | | Total current assets | $664,657 | $703,088 | | Total assets | $681,772 | $717,369 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $40,372 | $49,085 | | Total liabilities | $66,474 | $75,111 | | Total stockholders' equity | $615,298 | $642,258 | | Total liabilities and stockholders' equity | $681,772 | $717,369 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Net loss increased to $41.0 million due to higher operating expenses, despite stable revenues Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Revenue | $5,539 | $6,240 | | Research and development | $34,867 | $21,727 | | General and administrative | $12,319 | $7,925 | | Total operating expenses | $47,186 | $29,652 | | Loss from operations | ($41,646) | ($23,412) | | Net loss | ($40,964) | ($21,739) | | Net loss per common share, basic and diluted | ($0.84) | ($0.56) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity decreased to $615.3 million, primarily due to net loss, partially offset by equity compensation - Stockholders' equity decreased by **$27.0 million** during the first quarter of 2021, from **$642.3 million** to **$615.3 million**[20](index=20&type=chunk) - Key changes included a net loss of **$41.0 million**, offset by stock-based compensation of **$10.3 million** and proceeds from stock option exercises of **$4.5 million**[20](index=20&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash and equivalents decreased by $242.3 million due to increased cash used in operations and investing Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | ($38,968) | ($16,950) | | Net cash (used in) provided by investing activities | ($207,817) | $42,495 | | Net cash provided by financing activities | $4,481 | $1,350 | | Net (decrease) increase in cash and cash equivalents | ($242,305) | $26,895 | | Cash and cash equivalents, end of the period | $346,068 | $36,106 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revenue recognition from collaborations, and significant subsequent events - The company is a clinical-stage biopharmaceutical firm and expects to incur additional operating losses and negative cash flows for the foreseeable future[25](index=25&type=chunk) - As of March 31, 2021, the company determined there were no material adverse impacts from the COVID-19 pandemic on its financial position, but the full future extent is uncertain[26](index=26&type=chunk) - The company has collaboration agreements with Bayer, Pfizer, and Genentech, which are its primary sources of revenue[28](index=28&type=chunk)[31](index=31&type=chunk)[34](index=34&type=chunk) - As of March 31, 2021, the company had **$42.5 million** in unsatisfied performance obligations (deferred revenue) expected to be recognized over the next three years[28](index=28&type=chunk)[31](index=31&type=chunk)[34](index=34&type=chunk) - Subsequent to the quarter end, in April 2021, the company was granted **$1.0 million** in loan forgiveness from the State of Connecticut[76](index=76&type=chunk) - In May 2021, the company entered into a lease for approximately **160,000 square feet** of laboratory and office space to be occupied in 2024, with annual base rent ranging from **$6.3 million** to **$7.2 million** over a ten-year period[77](index=77&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses PROTAC platform, financial results, and liquidity, noting increased losses and sufficient cash into 2024 [Overview](index=18&type=section&id=Overview) Arvinas is a clinical-stage biopharma company advancing PROTAC platform candidates in clinical trials - The company's lead product candidates are ARV-110 (for prostate cancer) and ARV-471 (for breast cancer), both of which are in Phase 1/2 clinical trials[81](index=81&type=chunk)[82](index=82&type=chunk) - A Phase 1 trial for a third candidate, ARV-766, for metastatic castration-resistant prostate cancer, is expected to be initiated in the first half of 2021[83](index=83&type=chunk) - The company expects to continue incurring significant operating losses for the next several years, with a net loss of **$41.0 million** for Q1 2021[87](index=87&type=chunk) [Financial Operations Overview](index=19&type=section&id=Financial%20Operations%20Overview) Revenue is from collaborations, with R&D expenses expected to increase substantially as clinical trials advance - All revenue to date has been generated through research collaboration and license agreements with Genentech, Pfizer, and Bayer[90](index=90&type=chunk)[91](index=91&type=chunk)[95](index=95&type=chunk)[97](index=97&type=chunk) Research and Development Expenses by Program (in thousands) | Program | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | AR program development costs | $7,229 | $3,848 | | ER program development costs | $5,604 | $4,122 | | Other research and development costs | $22,034 | $13,757 | | **Total R&D costs** | **$34,867** | **$21,727** | - The company expects R&D expenses to continue to increase substantially as it conducts clinical trials for its lead candidates and develops its pipeline[104](index=104&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Revenues decreased slightly, while R&D and G&A expenses significantly increased due to program investments - Revenues decreased by **$0.7 million** in Q1 2021 compared to Q1 2020, primarily due to a collaborator adding new targets which extended the revenue recognition period[116](index=116&type=chunk) - R&D expenses increased by **$13.2 million** year-over-year, driven by an **$8.3 million** increase in platform/exploratory programs, a **$3.4 million** increase for the AR program, and a **$1.5 million** increase for the ER program[117](index=117&type=chunk) - G&A expenses increased by **$4.4 million** year-over-year, primarily due to a **$3.6 million** increase in personnel and facility costs and a **$0.8 million** increase in professional fees[118](index=118&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) The company holds $651.3 million in cash and equivalents, sufficient to fund operations into 2024 - As of March 31, 2021, cash, cash equivalents, and marketable securities totaled **$651.3 million**[122](index=122&type=chunk) - The company believes its existing cash and marketable securities will be sufficient to fund operating expenses and capital expenditure requirements into 2024[130](index=130&type=chunk) Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | ($38,969) | ($16,950) | | Net cash (used in) provided by investing activities | ($207,817) | $42,495 | | Net cash provided by financing activities | $4,481 | $1,350 | - In April 2021, the State of Connecticut forgave **$1.0 million** of the **$2.0 million** loan provided under the 2018 Assistance Agreement[138](index=138&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risk is interest rate sensitivity on cash and investments, with fixed-rate debt limiting exposure - The company's primary market risk is interest rate sensitivity on its interest-earning assets (cash, cash equivalents, and marketable securities)[140](index=140&type=chunk) - Interest income was **$0.5 million** for Q1 2021, down from **$1.3 million** in Q1 2020, reflecting lower interest rates[140](index=140&type=chunk) - The company's outstanding debt of **$2.0 million** as of March 31, 2021, has a fixed interest rate of **3.25%**, limiting exposure to interest rate increases on debt[140](index=140&type=chunk) [Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - Based on an evaluation as of March 31, 2021, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[141](index=141&type=chunk) - No changes occurred in the company's internal control over financial reporting during the first quarter of 2021 that have materially affected, or are reasonably likely to materially affect, internal controls[142](index=142&type=chunk) [PART II. OTHER INFORMATION](index=28&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, and other significant post-period events [Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - As of the filing date, Arvinas is not a party to any material legal proceedings[144](index=144&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) Investors should review the detailed risk factors outlined in the company's Annual Report on Form 10-K - Investors are advised to carefully consider the risks and uncertainties discussed in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2020[145](index=145&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not issue any unregistered equity securities during the three months ended March 31, 2021 - The company did not issue any securities that were not registered under the Securities Act during the three months ended March 31, 2021[146](index=146&type=chunk) [Other Information](index=28&type=section&id=Item%205.%20Other%20Information) Significant post-period event includes a new lease agreement for laboratory and office space in New Haven, CT - On May 4, 2021, the company's subsidiary entered into a lease for approximately **160,000 square feet** of laboratory and office space in New Haven, CT, with occupancy planned for 2024[147](index=147&type=chunk) - The lease has an initial term of approximately ten years, with annual base rent ranging from **$6.3 million** to **$7.2 million**[148](index=148&type=chunk) - In connection with the lease, the company issued a letter of credit for **$3.5 million** as a security deposit, collateralized by a certificate of deposit of the same amount[150](index=150&type=chunk) [Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including lease amendments and officer certifications - The filing includes exhibits such as lease amendments, CEO/CFO certifications (Rule 13a-14(a) and Section 906), and XBRL data files[152](index=152&type=chunk)[154](index=154&type=chunk)[156](index=156&type=chunk)[158](index=158&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . | --- | --- | |-------------------------------------------------------------------------------------------------------|------------------------------ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-38672 ARVINAS, INC. (Exact name of registrant as specified in its Charter) Delaware 47-2566120 (State or other jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------|------------------------------------------------ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO . Commission File Number: 001-38672 | --- | --- | --- | |--------------------------------------------------------------------------------------------------|---- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | --- | --- | |--------------|--------------------------------------------------------------------------------------------------|----------|----------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-------------------------------------------------------------------------------------------------------|-----------------------------------------------------| | | | | For the tr ...